Estate Lawyers Near Me Peoria-Bloomington IL – Queen Law Firm – Call 309-245-8080 for a Consultation
Estate Lawyers Near Me Peoria-Bloomington IL planning is an essential for practically any adult, regardless of what their assets and resources may be. Without a valid, current estate plan in place, settling on the distribution of your estate after you die can have a lasting and costly impact on your loved ones.
Naming who will be a beneficiary of your estate is among the main components of a your estate plan. These can include assets ranging from investments and real estate holdings to cars, art work and heirlooms that have been in the family for generations.
In the event you pass away without a plan, there is a possibility the courts will decide who shall receive your assets. That procedure can put stress on your family and be quite time-consuming. A court, after all, will have no notion of your wishes. Furthermore, a court may not necessarily decide your surviving relatives should even the entirety of your assets
Estate Lawyers Near Me Peoria-Bloomington IL Planning and Power of Attorney
A power of attorney enables an individual to act on the behalf of the principal. This form of legal document permits the person with power of attorney to manage legal and fiscal affairs of the principal. It can be quite broad, providing for them to exercise a full scope of legal rights for the principal. Or, power of attorney may provide for just a few particular powers like selling a parcel of property.
The principal may choose when the power of attorney takes effect, and it can include a set schedule. Alternatively, it could take effect later at a time determined by the principal.
Estate Lawyers Near Me Peoria-Bloomington IL – Healthcare Documents
There are a variety of wills and estate plan documents that are related to healthcare directives. A power of attorney regarding healthcare permits the principal to name another person to make healthcare decisions on their behalf in the event the principal is unable to do so. The useful document determines the scope of power of attorney, such as declaring it can be used to access the principal’s medical documents and communicate with medical personnel.
A living will is another form of legal document that can supplement power of attorney. It permits the principal to provide instructions for which kind of life-sustaining medical treatment they are to receive if incapacitated or unconscious for an extended time.
Talk with Estate Lawyers Near Me Peoria-Bloomington IL to learn more at 309-245-8080.
Providing for Incapacitation
In the unfortunate event that you become incapacitated, it could make it very difficult or not possible to responsibly manage your financial or medical matters. Many people are under the incorrect impression that their grown children or their spouse would seamlessly take over if they became incapacitated. The reality is that for others to be in position to oversee your finances or healthcare, they must petition the court to have you declared as legally incompetent. It’s a process that can take some time and be relatively expensive.
One of the most useful estate planning documents for managing property is power of attorney. It enables the principal to name someone to act in their place for financial matters.
Along with sound financial management of your affairs in the event you are incapacitated, it’s also wise to talk to our law firm about creating a plan for your healthcare. State law permits you to appoint a trusted family member or friend to issue decisions about medical treatments if you are not able to decide on your own. This can be done by using a power of attorney for healthcare where you appoint someone to make those decisions.
Power of attorney appointments are described as “durable” because in contrast to common law power of attorney they remain intact during the principal’s incapacitation and end upon the principal’s death.
Establishing a Trust for a Special Needs Child – Queen Law Firm
All parents, ideally, should develop an estate plan that provides financial protection for their children. But for parents of children who have special needs because of a disability, sound estate planning is even more important. Special needs Estate Lawyers Near Me Peoria-Bloomington IL planning entails a wide assortment of legal and finance issues for such families.
Some of these can include that drafting of additional trusts, establishing eligibility for governmental benefits, and assisting family members to become legal guardians. Effective special needs planning takes a detailed expertise in the variety of disabilities that can have an effect on how and if a special needs individual can live independently.
Our law firm is experienced in helping families ensure that that a special needs child has a legal advocate. We can also assist legal guardians to make the most efficient use of assets held for an individual who will need support for a lifetime.
This area of our practice includes services such as:
-Drafting of supplemental, special needs trusts and development of estate plans for those with special needs.
-Assistance for individuals with disabilities and their legal advocates with applications and continued eligibility for programs like Medicaid and Supplemental Security Income.
-Representation for clients in court to set up special needs trusts.
-Counsel for relatives looking at guardianship options.
-Advice for individual or corporate trustees of special needs trusts who manage funds. Prepare and review yearly trust accountings for compliance with governmental program rules.
-Represent our clients in administrative hearings before state of Illinois and federal agencies with respect to eligibility for government program benefits.
If you are the parent of a special needs child, choose our firm to be your advocate. Our firm has the expertise require to create a special needs trust that will serve the best interests of your child and other family members.
Provisions for Minor Children – Estate Lawyers Near Me Peoria-Bloomington IL
It’s important your estate plan addresses matters regarding care of your child or children. If they are young, you might want to think about drafting a plan that will enable your spouse to dedicate more attention to them without the extra burden of work responsibilities. You might also wish to provide for specialized counseling and other resources for your spouse if they lack experience in handling financial and legal issues.
Talk with an Estate Lawyers Near Me Peoria-Bloomington IL about the possibility of you both passing away simultaneously or within a brief period of time. A contingency strategy can provide for the people you’d prefer to manage your property and assets as well as appointing a guardian for your child’s upbringing. The trustee in charge of your finances does not need to be the same person who serves as guardian.
In many cases, however, you might want to designate different individuals to establish a system with checks and balances. If no one is designated, the decision on who shall manage your financials and care for your children goes to the court. Even if you’re fortunate enough to have the person you wanted appointed by the court, they might have some restrictions placed upon them.
Other matters to take into account in this regard is whether you would prefer your beneficiaries to receive designated assets directly, or whether you’d rather have place the assets in trust and then distributed based upon factors such as the beneficiaries’ age, needs and perhaps incentives based upon education. All too frequently, minor children receive significant assets before they’re sufficiently mature to handle them responsibly.
Talk with Estate Lawyers Near Me Peoria-Bloomington IL at 309-245-8080.